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Best Personal Loans in Colorado

LightStream offers the best personal loans in Colorado, which includes benefits like competitive rates, autopay discounts and a high borrowing limit.

However, the best personal loan lender depends on your profile and needs. For instance, the best option if you have bad credit, is Upstart, while SoFi is for people with good credit. Best Egg has excellent options for home remodeling loans, and Upgrade is our top choice for debt consolidation.

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Last Updated: 11/22/2022
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MoneyGeek’s Pick on Best Personal Loan Lender in Colorado: Lightstream

The best personal loan lenders offer lower interest rates, charge limited fees and have flexible loan amounts as well as repayment terms. MoneyGeek considered 30 factors, including BBB ratings, loan amounts, repayment terms, interest rates, origination fees, credit scores, income requirements, employment requirements and more, to determine which lender offers the best personal loans in Colorado.

Best Overall Personal Loan Lender in Colorado: Lightstream


  • LightStream

    • 4.49% to 20.49%APR Range
    • 660Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on LightStream Website

Best Personal Loan Lender for Bad Credit in Colorado: Upstart


  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Upstart Website

Best Personal Loan Lender for Good Credit in Colorado: SoFi


  • SoFi

    • 5.74% to 20.28%APR Range
    • 680Minimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms
    • Two DaysTime to Receive Funds

    on SoFi Website

Best Personal Loan Lender for Debt Consolidation in Colorado: Upgrade


  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    on Upgrade Website

Best Personal Loan Lender for Home Improvement in Colorado: Best Egg


  • Best Egg

    • 4.99% to 35.99%APR Range
    • 700Minimum Credit Score
    • $2,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds

    on Best Egg Website

How to Choose the Best Personal Loan Lender in Colorado for You

Before applying for personal loans in Colorado, it’s important to consider your financial needs, income, credit history, repayment terms and other essential details. While the average personal debt in Colorado is $21,783, the right loan amount you’ll need could be different based on your needs and further personal information. MoneyGeek listed the following steps that you need to take while looking for the best personal loans in Colorado:

1

Ask Yourself the Important Questions

When applying for a personal loan, evaluate your financial needs and the lender’s requirements. Ask yourself the following questions:

  • How much funding do I need? - Make sure you know how much you need in funding before you apply.
  • What is my credit score? - Certain lenders require specific credit scores to get a loan. Find out your score to make sure you qualify before applying.
  • Can I afford the monthly payment? - Evaluate your income and expenses to make sure you can afford the monthly payment that will come with your loan.
  • How much debt do I already have? - Consider how much debt you currently have and if it makes sense to take on more debt.
  • How much will I pay in interest? - Understand how much your loan will cost you in terms of interest to ensure taking out a loan is a financially wise decision.
2

Do Your Research

Once you have considered your financial situation and how much you can afford to pay every month, you should thoroughly research different lenders. It's essential to shop around and compare the interest rates of various lenders to find which one would suit you the best.

Be careful about asking for exact quotes from lenders, as they might perform a hard credit inquiry which can affect your credit scores. Instead, opt for ones that offer online pre-qualification. Compare the lenders' rates, look at their repayment terms and consider how much you would have to pay back eventually. While MoneyGeek analyzed all this information in our guide, you can also research yourself to find which lender suits your needs.

3

Wait

Once you have narrowed down your choices to a few lenders, you should wait a day or two and think through your decision. You can re-analyze your financial situation during this period and ensure that applying for a personal loan is a good choice for you. You can also see if there is any other option aside from taking out a loan. Since a personal loan is a significant commitment and can take years to pay off, it’s best not to be hasty. Think it through thoroughly so you can choose the best option for your situation

4

Read the Fine Print

Before moving on to the application stage, it's good to analyze the fees charged by your lender. You can read the fine print of the lender's loan agreement to see if it charges a fee for late payments, paying off your loan early or an origination fee. Also, have a look at the lender's interest rate and figure out how much money you will have to pay back. Having an idea of all the fees will help you avoid financial trouble in the long run.

5

Apply

After you have analyzed the fees charged by the lender, you can move forward with applying for the personal loan. At this stage, the lender might ask you for your personal and income details while requiring identification, address verification and proof of income. Most lenders accept online applications for personal loans, but you can also visit or call the lender to ask for more information and make your decision depending on the lender you choose.

What to Do if You Can’t Get a Personal Loan in Colorado

While it may feel discouraging when you get rejected for a personal loan, it happens to many people. Lenders can reject personal loan requests for many reasons, including a low credit score, poor debt-to-income ratio, an incomplete application and other factors.

After getting rejected, the best way to proceed is to ask the lender the reason behind denying your personal loan. Then, you can work to improve that factor. For example, if your loan was rejected due to a low credit score, you can get a secured credit card, a credit-builder loan or become an authorized user on someone else’s credit card to build your credit history. While it may be tempting to apply for a loan with another company, it’s financially smarter to try to fix the reason you got denied in the first place.

Some borrowers may also look into getting a payday loan. However, MoneyGeek recommends against these as payday loans have high interest rates. Plus, you could accumulate a lot of debt if you aren’t able to make the payments on time.

Frequently Asked Questions About Personal Loans in Colorado

The best personal loan lender in Colorado for you will depend on your needs, credit score and other income factors. MoneyGeek answered the following frequently asked questions to help you make the right decision.

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METHODOLOGY

We reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

Within each ranking criteria category, we considered several individual data points that we feel carry the most weight when choosing a personal loan lender. These factors include APR ranges, available loan amount, minimum credit score, minimum income amount, application fees and disbursement time.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible — like prequalification, payment options and mobile apps.

After careful consideration and calculation, our picks are decided and chosen with your best interest in mind. Our personal loan recommendations and expert tips are meant to help you make the best decision when choosing a lender that meets your needs.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity.